Country

Grenada

Grenada – The Spice of Caribbean

Grenada, the picturesque island country of West Indies consisting of the island of Grenada, the most southerly of the Windwards in the Eastern Caribbean, and some of the southern Grenadine islands. Carriacou and Petite Martinique boast the most beautiful coral reefs. Carriacou – the larger of the two – is known as the ‘Land of Reefs’The beautiful island of Petite Martiniqe is also a part of Grenada.

It is also popular as the island of spice primarily because it is the one of the largest producer of nutmeg and mace in the world. Besides these spices, Grenada also produces cocoa beans, bananas and avocados in abundance.

Grenada is also famed for its unspoilt natural beauty – clear blue waters, white sand beaches and eye soothing greenery. It is a popular tourist destination for aturalovers and adventure seekers.

Grenada is a member of the African, Caribbean and Pacific Group of States, Association of Caribbean States, Caribbean Community, Non-Aligned Movement, Organisation of Eastern Caribbean States, Organization of American States, United Nations and World Trade Organization. It tropical climate and pristine beauty make it a very popular tourist destination.

Grenada is a commonwealth realm and a parliamentary democracy. It is a member of the African, Caribbean and Pacific Group of States, Association of Caribbean States, Caribbean Community, Non-Aligned Movement, Organization of Eastern Caribbean States, Organization of American States, United Nations and World Trade Organization.

Tourism is the main driving force behind Grenada’s economy. Besides this, Grenada is a leading producer of several different spices. Cinnamon, cloves, ginger, mace, allspice, orange/citrus peels, wild coffee used by the locals, and especially nutmeg, providing 20% of the world supply, are all important exports. Grenada is the world’s second largest producer of nutmeg after Indonesia.

Grenada shares a common central bank and a common currency (the East Caribbean dollar) with seven other members of the Organization of Eastern Caribbean States (OECS). Grenada enjoys a stable economy due to the fact that the East Caribbean dollar (XCD) has be pegged to the United States dollar (USD)at a standard rate since the last 40 years.

 Residency & Citizenship by Investment Program:

The Grenada CBI was established in 2013 and anyone over the age of 18 years of age, with no criminal record, in good health and with a legal source of funds is eligible to apply.

Under this program, applicants can only make two types of investments to obtain citizenship or permanent residence:

  1. They must make a payment into the National Transformation Fund, or
  2. They must invest in an approved real estate project in Grenada

 

  1. National Transformation Fund (NTF):

 The National Transformation Fund (NTF) is a Government fund responsible for financing projects that will benefit the country’s economy and help its diversification.

Applicants who choose to invest in NTF must make a one-time contribution to the fund. Under this applicants may either immediately apply for citizenship, or first apply for permanent residence and apply for citizenship at a later stage.

Under this category, applicants must contribute at least USD 200,000 to the Fund for a family of four. For each additional dependant, the applicant must contribute an additional amount of $25,000 US. The applicant will also be required to pay the applicable application fees, due diligence fees and processing fees.

The following chart details the fee structure and investment amount:

NTF DONATION Single Applicant Main Applicant + Spouse Family of four family members Family over four family members
Required Contribution Amount USD 200,000 USD 200,000 USD 200,000 USD 200,000 plus USD 25,000 per additional dependant after the third dependant
Application Fee USD 1,500 USD 1,500 per person USD 1,500 per person USD 1,500 per person
Due Diligence Fee USD 5,000 USD 5,000 per person USD 5,000 per person aged 18 and over, USD 2,000 for each dependant aged between 12-17 USD 5,000 per person aged 18 and over, USD 2,000 for each dependant aged between 12-17
Processing Fee USD 1,500 USD 1,500 per person USD 1,500 per person aged 18 and over, USD 500 for persons under 18 USD 1,500 per person aged 18 and over, USD 500 for persons under 18

 

  1. Investing in real estate:

The second option available to applicants seeking to obtain citizenship by investment in Grenada is to invest in a Government-approved real estate project. Currently, these projects include real estate developments such as hotels, villas, and resorts. Because of the growth of the tourism industry, there is rising demand for tourist housing facilities. Real estate developments are thus fantastic opportunities for investors looking for high returns.

Applicants opting for the approved project (real estate) option must invest at least $350,000 US. They must keep the real estate for at least three years following the granting of citizenship.

The applicant will also be required to pay the necessary government fees, application fees, due diligence feesand processing fees.

The following chart details the fee structure and investment amount:

REAL ESTATE OPTION Single Applicant Main Applicant + Spouse Family of four family members Family over four family members
Required Contribution Amount USD 350,000 USD 350,000 USD 350,000 USD 350,000
Government Fee USD 50,000 USD 50,000 USD 50,000 USD 50,000 and USD 25,000 per additional dependant after the third dependant
Application Fee USD 1,500 USD 1,500 per person USD 1,500 per person USD 1,500 per person
Due Diligence Fee USD 5,000 USD 5,000 per person USD 5,000 per person aged 18 and over, USD 2,000 for each dependant aged between 12-17 USD 5,000 per person aged 18 and over, USD 2,000 for each dependant aged between 12-17
Processing Fee USD 1,500 USD 1,500 per person USD 1,500 per person aged 18 and over, USD 500 for persons under 18 USD 1,500 per person aged 18 and over, USD 500 for persons under 18

 Note: Applications for citizenship may not be submitted directly to Grenada’s Citizenship by Investment Committee (CBIC) and must only be handled by agents. Applicants must contact an Authorized International Marketing Agent, who in turn will liaise with an Authorized Local Agent. Applicants may not contact Authorized Local Agents directly.

 Program Benefits:

  • Right to live and work in Grenada at all times
  • Visa free travel to over 115countries around the world including China
  • Applicants can hold dual citizenship
  • Citizenship may be extended to family members such as a spouse, dependent children, and dependent parents.
  • No interview, education, or management experience required.
  • No requirement to reside in Grenada before or after citizenship is granted.

Additional benefits:

  • No income tax
  • No wealth, gift, inheritance, or capital gains tax
  • No restriction on the repatriation of profits and imported capital

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